The government has approved the next steps for laws to create auto-enrolment pensions.
The general scheme would see 750,000 people currently without a pension plan entered into one with employers matching contributions.
For every €3 put in, the state and employers will add €4 more at the height of the scheme.
It’s been sent for pre-legislative scrutiny ahead of expected approval by 2024.
Fine Gael Deputy for Carlow-Kilkenny John Paul Phelan said the announcement marks “historic progress on the delivery of an Automatic Enrolment System in Ireland and will help younger people in particular starting out in the working world to plan and save towards their retirement”